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Union Minister Piyush Goyal attended the Berlin Dialogue in Germany on Friday.
Commerce and Industry Minister Piyush Goyal said on Friday regarding the India-US trade deal that India does not make deals in a hurry and with a gun to the head.
At the Berlin Dialogue in Germany, he said that India is negotiating trade deals with countries and regions including the European Union (EU) and the US. Goyal said that any trade deal should be seen from a long term perspective. India never takes decisions in haste or impulsiveness.
India is also looking for new markets to deal with high tariffs. On the question of making the deal on one’s own terms, he said that trade deals are always done with a long term perspective.
It’s not just about tariffs or access to goods and services, it’s also about trust and relationships. Long-term trade deals are about more than just tariffs and we are just focusing on today’s issues and tariffs.
He said- India always takes decisions on the basis of national interest as to who will be its friends? If someone says that you cannot be friends with the EU or work with Kenya, I will not accept that.
Why did America ban India?
He said- ‘I was reading in today’s newspaper, Germany is asking for exemption from the US ban on oil. UK has already taken permission to buy oil from US or maybe it has got it, then why is only India being chosen?
This statement is important because America is pressurizing India to stop buying crude oil from Russia. On October 22, the US had imposed sanctions on Russia’s two largest crude oil producers, Rosneft and Lukoil, and barred all American companies and individuals from doing business with them.
America had imposed extra tariff on India for buying Russian oil.
US has imposed 25% tariff on India as a penalty for buying oil from Russia. This is in addition to the 25% mutual tariff imposed on Indian goods entering the US markets. Overall, 50 percent more import duty is being imposed on Indian goods in the US. The central government has termed these duties as wrong and baseless.
The Indian official team, led by Commerce Secretary Rajesh Aggarwal, was in Washington last week for trade talks with US counterparts. The three-day talks ended on 17 October.
In February this year, the leaders of India and the US directed officials to negotiate a proposed Bilateral Trade Agreement (BTA). He set a deadline to complete the first part of the agreement by 2025. Last month, Goyal also led an official delegation to New York for trade talks.
Will make fair and best deal
Earlier, Goyal had given another statement regarding the deal with India and America. He had said that talks regarding the deal between India and America are going well. There will be an agreement between both the parties soon. We will make a fair and best deal.
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